Tokyo stocks fall 5%, as investors fear Ishiba may raise taxes

TOKYO -- Japanese stocks fell sharply on Monday, as investors reacted to Shigeru Ishiba's election as the leader of the ruling Liberal Democratic Party.

The benchmark Nikkei Stock Average closed at 37,919.55, down 1,910.01 points, or 4.8% from the previous trading day's close. Earlier in the session, the average was down as many as 2,031.65 points, or 5.1%, at 37,797.91.